I'm new to OSX and running Mountain Lion in a Virtual Box VM. Xcode was running fine and I managed to create a simple Hello World App. I restarted the VM and when I tried to reopen my project Xcode crashed. I didn't think anything of this at the time but every time that I have relaunched Xcode since, it has frozen at this stage:

I have tried restarting my VM, increasing the RAM to 4GB (from 2GB) and reinstalling Xcode but still experiencing the same issue. I have also tried opening specific apps and files in Xcode, but the application still hangs at the same point.